Focus Financial to Merge Two Wealth Shops in Chicago
The combined firm is expected to manage over $24 billion in client assets.
The $2.5 billion Chicago-based wealth management firm Relative Value Partners Group is set to join forces with fellow Focus Financial firm Kovitz Investment Group Partners, with the combined organization expected to manage over $24 billion in client assets.
The transaction was announced this week by Focus Financial, which is a partner and backer of both wealth management firms. It is expected to close in the third quarter of 2024, subject to customary closing conditions.
RVP, which joined Focus as a partner firm in 2015, offers comprehensive wealth management services for high-net-worth clients and institutions. Through the transaction, RVP will gain access to Kovitz’s client service resources and capabilities in financial planning, investment management and tax planning — as well as its national distribution footprint.
Mitchell Kovitz, CEO of Kovitz and vice chairman of Focus Financial, cited RVP’s “talented team with decades of experience” as a key driver of the acquisition.
“We are excited to see the talented teams of Kovitz and RVP collaborating on opportunities to offer elevated advice and solutions for clients,” said Michael Nathanson, CEO of Focus. “We are confident that this transaction will help to strengthen their capabilities, further scale their offerings, and empower clients with even more ways to achieve their financial goals.”
A request for more information about the financial structure of the transaction has not yet been returned.
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